This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

New Concept Energy, Inc. Reports 3rd Quarter 2010 Results

New Concept Energy, Inc. (AMEX: GBR), (“the Company” or “NCE”), a Dallas-based oil and gas company, today reported a net gain of $188,000 and a loss of $127,000 for the three and nine months ended September 30, 2010, as compared to a net gain of $49,000 and a loss of $12,000 for the comparable periods of 2009.

For the three and nine months ended September 30, 2010, the Company recorded oil and gas revenues of $349,000 and $950,000 as compared to $285,000 and $966,000 for the comparable periods of 2009. The changes in oil and gas revenue were due to changes in the price of oil and gas in the marketplace.

For the three and nine months ended September 30, 2010, the Company recorded revenues of $763,000 and $2,217,000 from its retirement property compared to $685,000 and $2,121,000 for the comparable periods in 2009. The increase was due to a rise in the occupancy rate of the property from prior periods.

For the three and nine months ended September 30, 2010, the Company recorded oil and gas operating expenses of $320,000 and $992,000 as compared to $329,000 and $1,086,000 for the comparable periods of 2009.

For the three and nine months ended September 30, 2010, operating expenses and lease expense at the retirement property were $330,000 and $1,023,000 as compared to $293,000 and $1,016,000 for the comparable periods in 2009.

For the three and nine months ended September 30, 2010, corporate general and administrative expenses were $124,000 and $447,000 as compared to $169,000 and $666,000 for the comparable periods in 2009. The decrease is primarily due to decreased payroll costs and administrative overhead.

For the three and nine months ended September 30, 2010, interest income was $122,000 and $375,000 as compared to $138,000 and $432,000 for the comparable periods in 2009. The decrease is due to a reduction in the receivable on which interest is computed over the comparable periods.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs